Far East H-Trust posts lower Q1 DPS of 1.3¢

FAR East Hospitality Trust (H-Trust) posted a distribution per stapled security (DPS) of 1.3 cents for the first quarter ended March 31, a 5.8 per cent decline from 1.38 cents a year ago.

The decrease was due mainly to "softer performance of the hotels" and an enlarged stapled security base arising from the issuance of 148.3 million new stapled securities to Hotel Rendezvous and Golden Development, as part of the acquisition cost of Rendezvous Hotel Singapore (RHS) last August.

Income available for distribution rose 4.5 per cent to $23.1 million, while gross revenue rose 9.1 per cent to $30.7 million, attributable to the contribution from RHS.